According to the annual Wealth & Affluent Monitor published by the Phoenix Marketing International social team, the number of millionaire households in the United States has grown by more than 800,000 over the past five years and by more than 1.3 million since 2006, before the financial crisis.The overall wealth market is growing, yet the ratio of millionaires to total U.S. households has remained relatively flat and wealth is more concentrated and shifting geographically.
Wealth and Affluent Market Distribution (95% of Total)
Boomers (1946-1964) 55%
Gen X (1965-1979) 17%
Silents (1901-1945) 15
Millennials (1980-2000) 13
Data Source: Phoenix Marketing International Households with at least $100K in investable assets… (read as: boomers comprise 55% of the wealth and affluent market)
The 2016 Phoenix Wealth & Affluent Monitor shows that as of mid-2016:
David Thompson, Managing Director, Affluent Practice, at Phoenix Marketing International, says “… the research reveals stark geographic, demographic and economic differences within the broad wealth and affluent market… reinforcing the need for more precise segmentation and… targeted, relevant messaging… the trends… over the past 10 years show a deeper and wider wealth divide… families in the near and emerging affluent segments… falling further behind financially…”
In 2016, there were few changes among the top 10 states ranked by the ratio of millionaire households to total households. The states with the greatest gains in the rankings are Utah (#17), Michigan (#29), Arizona (#30) and Ohio (#31), each of which rose five places from 2015.
The top 10 millionaire household states are (% of Total):
An analysis by Phoenix reveals more significant shifts and regional impact of the financial crisis, recession and slow recovery of jobs and wages over the past 10 years. For example,
Approximately 70% of the wealth and affluent market is comprised of Americans age 52 or older who have at least $100,000 in investable assets. Baby Boomers account for 55% of the market while the Silent Generation represents 15%. Approximately 13% of the wealth and affluent market now is composed of the Millennial generation, who are age 36 or younger. They are gaining on the members of Generation X, which make up the remaining 17% of the market, and who are faced with financial challenges of aging parents and education costs for their children.
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